Arcutis Biotherapeutics (NASDAQ:ARQT) Announces Earnings Results, Beats Expectations By $0.05 EPS

Key Points

• Arcutis Biotherapeutics beat quarterly expectations, reporting EPS of $0.11 versus the $0.06 consensus estimate and revenue of $129.86 million versus expectations of $118.85 million.
• Shares rose 4.1% to $27.10 following the results. The stock has a market capitalization of approximately $3.39 billion and has traded between $13.69 and $31.77 over the past year.
• Analyst sentiment remains a “Moderate Buy”, with an average price target of $34.00; five analysts rate the stock Buy, two Hold, and one Sell. Meanwhile, insiders sold 10,334 shares worth about $250,697 over the past three months.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) announced its earnings results on Wednesday. The company reported $0.11 EPS for the quarter, beating analysts' consensus estimates of $0.06 by $0.05, FiscalAI reports. The firm had revenue of $129.86 million for the quarter, compared to analysts' expectations of $118.85 million. Arcutis Biotherapeutics had a negative return on equity of 1.41% and a negative net margin of 0.57%.

Arcutis Biotherapeutics Trading Up 4.1%

Arcutis Biotherapeutics stock traded up $1.07 during trading on Wednesday, hitting $27.10. The company's stock had a trading volume of 2,304,702 shares, compared to its average volume of 1,545,768. The stock has a market capitalization of $3.39 billion, a price-to-earnings ratio of -903.03 and a beta of 1.49. The stock's fifty day moving average is $25.75 and its 200 day moving average is $24.68. Arcutis Biotherapeutics has a 1-year low of $13.69 and a 1-year high of $31.77. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.46 and a current ratio of 2.68.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Wall Street Zen raised Arcutis Biotherapeutics from a "hold" rating to a "buy" rating in a report on Sunday, July 12th. Needham & Company LLC reissued a "buy" rating and issued a $36.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday, May 7th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Arcutis Biotherapeutics in a research note on Wednesday, June 24th. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Arcutis Biotherapeutics currently has an average rating of "Moderate Buy" and an average target price of $34.00.

Insider Transactions at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, Director Sue-Jean Lin sold 4,946 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $24.38, for a total value of $120,583.48. Following the completion of the sale, the director owned 27,567 shares in the company, valued at $672,083.46. The trade was a 15.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Howard G. Welgus sold 4,096 shares of the company's stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $24.41, for a total transaction of $99,983.36. Following the transaction, the director directly owned 38,378 shares of the company's stock, valued at approximately $936,806.98. This represents a 9.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 10,334 shares of company stock worth $250,697. 9.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

A number of large investors have recently bought and sold shares of ARQT. AQR Capital Management LLC grew its stake in shares of Arcutis Biotherapeutics by 21.4% during the 1st quarter. AQR Capital Management LLC now owns 248,196 shares of the company's stock valued at $3,882,000 after buying an additional 43,716 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Arcutis Biotherapeutics by 3.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,417 shares of the company's stock valued at $1,118,000 after acquiring an additional 2,063 shares during the period. Creative Planning grew its position in Arcutis Biotherapeutics by 8.2% during the second quarter. Creative Planning now owns 19,575 shares of the company's stock valued at $274,000 after acquiring an additional 1,477 shares during the period. JPMorgan Chase & Co. increased its stake in Arcutis Biotherapeutics by 1.0% during the second quarter. JPMorgan Chase & Co. now owns 548,789 shares of the company's stock worth $7,694,000 after acquiring an additional 5,407 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Arcutis Biotherapeutics by 4,562.5% during the second quarter. Russell Investments Group Ltd. now owns 11,190 shares of the company's stock worth $157,000 after acquiring an additional 10,950 shares during the last quarter.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for immuno-inflammatory skin diseases. The company's research and development efforts center on targeted treatments that address the underlying biology of conditions such as plaque psoriasis, atopic dermatitis, seborrheic dermatitis and vitiligo. Arcutis employs a precision-medicine approach to deliver topical therapies designed to improve efficacy and tolerability compared with existing treatment options.

In August 2022, Arcutis received U.S.

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